Accuracy and health insights guarantee is insurance backed by Munich Re
Insurance and AI (Artificial Intelligence) come together to enable peace of mind for any business working with batteries. This marks the start of a new era for de-risking batteries.
TWAICE, leader in predictive battery analytics, has announced that accuracy and health insights will be guaranteed. The first of its kind contractual guarantee is backed by Great Lakes Insurances, a subsidiary of Munich Re, one of the world's leading providers of reinsurance solutions.
Should the analytics outcome ever be beyond the guaranteed accuracy, the customer is indemnified eight times the amount paid for the analytics. The underlying battery condition can be determined with a clearly defined approach, giving customers full transparency and control at any time. Munich Re conducted a thorough evaluation of the analytics.
TWAICE provides predictive analytics software for companies working with batteries addressing key concerns such as health, warranty, and safety. Customers using TWAICE de-risk their battery business and outperform their peers by increasing battery performance and lifetime. Uniquely combining deep battery expert knowledge and artificial intelligence on a scalable battery analytics platform, TWAICE generates actionable insights at every step of the battery lifecycle. In addition to enabling TWAICE products, the analytics platform is a launchpad for customer and partner solutions, for example, for the joint venture Battery Quick Check with TÜV Rheinland.
"The accuracy promise of TWAICE is the first of its kind in the battery analytics software space" said Dr. Stephan Rohr, founder and Co-CEO at TWAICE. "The insurance and due diligence by Munich Re should give manufacturers and operators of electric vehicles and energy storages the confidence to accelerate the development and deployment of batteries with the TWAICE platform."
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